Ethena.fi tokenises a ‘delta neutral’ carry trade on ETH by issuing a stablecoin which represents the value of the delta neutral position. Their stablecoin, USDe, also collects the carry yield - hence their claim, an internet bond providing internet native yield.
4/25/2024, 5:08:20 AM
This article analyzes how MicroStrategy has leveraged zero-coupon convertible bonds and preferred stock structures to aggressively borrow funds for Bitcoin accumulation, while simultaneously driving stock valuation premiums—establishing itself as a canonical paradigm for traditional corporations transitioning into crypto. It further examines the sustainability of this model, its inherent risks, and the potential systemic implications as other companies emulate this approach.
6/18/2025, 10:33:07 AM
What we all need to look out for is how the Zerebro playbook evolves into a proper businesses. What do revenue streams look like? How does agents keep the community engaged over a longer period of time? How does treasury management look like? And most importantly, when the bull market craziness is taken out of the equation, what does the path ahead look like?
11/22/2024, 2:48:48 AM
Gaining and retaining crypto users is tough. Airdrops, offering free tokens, aim to attract long-term engagement but often lead to quick sell-offs. While some succeed in boosting adoption, many fail. This article examines how 2024’s airdrops fared and what influenced their outcomes.
10/10/2024, 6:44:58 PM
This article explores how to design a blockchain-based game economic framework characterized by stability, adaptability, and robustness. It presents unique insights into blockchain and game economics, emphasizing currency competition and drawing analogies between game development and the development of emerging countries.
1/15/2024, 12:50:10 PM